Phoenix area solar home sales continued to increase in April according to recent data from the Arizona Regional Multiple Listing Service (ARMLS) from April 1, 2016 to April 30, 2016.
There were a total of 135 verified solar home sales in Maricopa County for the month of April, up from the 124 confirmed sales in March. Homes with a solar leases (whether monthly lease payments or prepaid monthly solar leases) accounted for 97 of the 135 sales (71.9%) while homes with solar owned electric systems accounted for the balance of 38 (28.1%) of the Phoenix area solar home sales in April 2016.
The median price for a solar home in Phoenix increased another 5.8 percent to $274,900, up from $259,950 in March. Leased solar homes had a median price of $265,000 (up from the median of $245,000 in March) while the median price for a solar owned home dropped to $291,000 in April from $294,250 the month before. The median price for a single family residence under $500,000 in Maricopa County in April was $235,000, up $5,000 from March 2016.
The median days on the market for a resale home in Maricopa County was 42 days in April 2016. Solar in general stayed within reach of the average market with an median time to sell at 46 days. Phoenix homes with a solar owned system took more time with an average of 64 days while Phoenix area homes with solar leases took only 43 days. The average days on the market for a solar home in Maricopa County was 63 days versus a market average of 61 days (solar leases had an average market time of 58 days while solar owned was 77 days).
Almost three-quarters of the total solar home sales in Maricopa County were in APS territory (72.6%) while the remaining 27.4 percent of the solar homes were within SRP territory. SRP solar homes sold in 42 days versus solar homes selling in 50 days in APS territory. The median price for a solar home in APS territory was $279,600 and SRP territory was $249,000.
Mortgages helped finance 85.2 percent of all solar sales in the Phoenix area in April, down slightly from the previous month. Conventional financing (Fannie Mae and Freddie Mac mortgages) accounted for 48.1 percent of the total solar home sales in the Phoenix area while FHA and VA financing total 25.2 percent and 11.1 percent respectively. Cash home buyers purchased 14.8 percent of the total Phoenix solar homes for sale in April. Sellers contributed towards buyer’s closing costs in one-third of all sales (31.8 percent).
The typical solar home sold in the Phoenix area in April was a 3 bedroom, 2 bath home with 2,145 square feet on a 7,523 square foot lot. The solar home was built in 2002 and had a 8 kW solar array on the roof.
Considering selling a home with solar? Want to know how much additional value solar adds to your home? Give Rob, the Solar Home Broker, a call at 480-888-1234!
NOTE: Only resale single family residences that sold during the month of April 2016 in Maricopa County with a sales price of $500,000 or less were used in the analysis (non-luxury market). Properties priced over $500,000 fall into the luxury category and were not used in this analysis. All sales were verified to have a solar electric (solar PV) system that was owned outright by the home owner or had a solar lease. While all attempts were made to ensure quality and accurate data, I am limited by the data reported (for example, only 11.9 percent of listing Realtors actually inputted the size of the solar system). Homes with only solar water heaters or solar thermal pool systems that did not have a solar electric system on the roof were not included due to the extreme differences in these types of systems.